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DOUGLAS GURKIN
Principal
Professional Experience
Doug Gurkin formed Edgewater Affordable Housing‚ L.P. (EAH) to acquire
and rehabilitate low-income housing tax credit (LIHTC) eligible multifamily
properties using tax-exempt bond financing with 4% LIHTCs and competitive
9% LIHTCs. The primary objective of EAH is to acquire and operate
repositioned‚ at times by substantial rehabilitation‚ property as affordable
housing. EAH is also focused on providing tenant services through
alliances with local non-profits and government sponsored service agencies. EAH
has purchased and repositioned seven properties with over 1‚240 units of
affordable housing in Texas‚ Arkansas and Michigan‚ and plans expansion
of this model into other states in the southeastern United States.
Earlier‚ as a principal in the Austin‚ Texas investment firm of Asset Recovery
Fund‚ Inc.‚ Doug was involved in the acquisition and asset management of real
estate and securities valued at more than $400‚000‚000. The firm renovated
and repositioned multiple property types from multifamily properties of 250 units
and up — over 3‚500 units nationwide — to regional malls of 250‚000
square feet and larger. Additionally‚ as Principal in charge of physical
assessments and underwriting‚ Doug helped develop the first national program
for the refinancing and repositioning of the prepayment-eligible HUD 236 inventory. Developed
in conjunction with Credit Suisse First Boston‚ this program refinanced over
$20‚000‚000 in prepaid HUD 236 properties. As Principal in charge
of acquisition and rehabilitation of LIHTC-eligible properties‚ Doug purchased
four HUD 236 properties totaling 550 units in Phoenix‚ Scottsdale and Tucson
Arizona‚ two of which were financed utilizing mortgage revenue bonds and 4% LIHTCs. He
was also instrumental in effecting changes in the Michigan State Housing Development
Agency (MSHDA) that allowed for use of tax-exempt bond financing for acquisition
and significant rehabilitation of existing multifamily inventory in the state. As
a result of these changes‚ Doug was able to obtain a tax-exempt bond allocation
for the financing of a 352-unit HUD 236 property near the Detroit airport.
Prior to that‚ Doug‚ serving as Vice President and co-owner‚ partnered with Bill
Shopoff to form Shopoff Gurkin‚ Inc.‚ a commercial real estate brokerage and
investment firm that received LIHTC allocations for two phases of an apartment
property in Little Rock‚ Arkansas. Phase I‚ consisting of 96 units‚
received $1‚950‚000 in syndication proceeds‚ and Phase II‚ consisting of 107
units‚ received $2‚800‚000.
Doug began his career as a member of Keller Williams Realty. Following
the Savings and Loan crisis he created a broad network of more than 200 investors
to purchase and reposition lender-owned properties and represented 20 lenders
as property disposition coordinator.
Education
Bachelor of Arts‚ University of North Carolina‚ Chapel Hill‚ North
Carolina‚ 1972
Associate Degree in Petroleum Technology‚ Howard College‚ Big Spring‚
Texas‚ 1982
Professional License & Affiliations
Austin Board of Realtors
Central Texas CCIM Chapter
Austin Chapter of the Commercial Investment Division
National Association of Realtors
Texas Association of Realtors
National Housing and Rehabilitation Associates
NCHSA
Institute for Responsible Housing Preservation